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The Evolution of Profit Participations / Navigating Disruption in the Motion Picture and Television Industry Contents Welcome ENTERTAINMENT AND MEDIA REPORT THE EVOLUTION OF PROFIT PARTICIPATIONS / NAVIGATING DISRUPTION IN THE MOTION PICTURE AND TELEVISION INDUSTRY CONTENTS WELCOME Profit participations have always been a complex WELCOME and emotional subject for talent, who wonder “Am 03/ I being paid what we agreed to contractually?” For studios, it is about “Am I paying too much, and are EXECUTIVE SUMMARY my stakeholders leaving money on the table?” Now, 04/ with new delivery methods like SVOD, non-traditional studios like Netflix and the proliferation of scripted television series and independent films, we have HIGHLIGHTS FROM THE ENTERTAINMENT SURVEY entered into a new era where profit participations and 05/ deal structuring are continually in flux. TOP INDUSTRY TRENDS In this year’s whitepaper, we take a closer look at 06/ where we have been, where we are and where we are going with profit participations in a changing movie and television industry. We have assembled a truly WHITEPAPER EXPERTS knowledgeable group of industry experts to share 08/ their views on this important aspect of the business as they consider what future deal structures will entail. THE HISTORY OF PARTICIPATIONS This is our 5th annual whitepaper, and I am extremely 12/ proud of the information you will find as you read on. This paper is part of our continuing efforts to provide TODAY’S LANDSCAPE: WHO IS GETTING THE $ 18/ value to the entertainment community. 24/ THE IMPACT OF TECHNOLOGY Ilan Haimoff GLOBALIZATION Partner and Entertainment and Media Practice Leader, 28/ Green Hasson Janks 34/ CRYSTAL BALL: GAME CHANGERS 41/ CONCLUSION WE HAVE ENTERED INTO A NEW ERA APPENDIX A: 42/ KEY TAKEAWAYS WHERE PROFIT PARTICIPATIONS AND DEAL STRUCTURING ARE CONTINUALLY IN FLUX. APPENDIX B: 47/ GREEN HASSON JANKS PROFIT PARTICIPATIONS PRACTICE APPENDIX C: Ilan Haimoff BIOGRAPHIES Partner and Entertainment and Media Practice Leader, 50/ Green Hasson Janks 2 3 HIGHLIGHTS FROM THE 2017 EXECUTIVE SUMMARY GREEN HASSON JANKS ENTERTAINMENT SURVEY Introduction about the overseas market. Pick the right distributor to There have been rapid changes in our motion picture and maximize your potential share of the profits. This even television industry, including how content is delivered applies to what we do at Green Hasson Janks when to audiences through new media platforms and where planning our profit participation audits. We need to content is consumed, driven by a huge increase in revenue make sure we have resources in place around the world generated overseas. through our HLB affiliation, plus we need to gear up for more travel.” Ilan Haimoff, Partner and Entertainment and Media 63% 46% 44% Practice Leader at Green Hasson Janks, translates this Green Hasson Janks is an independent member of HLB Percentage of Percentage of Percentage of industry change into practical advice. International, a worldwide organization of professional respondents who think respondents who prefer respondents who accounting firms and business advisors represented in that PVOD will be an a large upfront payment currently have “If I were to hire a company to distribute my film, I over 100 countries. This affiliation provides access to the option for a mass in lieu of any backend productions with Chinese would look at studios that have networks overseas,” subject matter experts of other member firms in most audience in the next participation in today’s investment Haimoff explains. “The multiples you can make with major cities around the world. “This affiliation provides three years entertainment landscape overseas sales through the international market via a us and our clients many benefits,” Haimoff explains. ‘The major distributor makes it a one-stop shop rather than biggest one for our Entertainment and Media Practice is having to make territory-by-territory deals. Therefore, that we can pursue participation audits almost anywhere.” you just need to incur the expenses once and the revenue will be maximized.” Of course, Netflix has disrupted the traditional model and has created a revolution. When they turn on the switch it reflects deals they have made all over the world. Haimoff expands. “Where you historically had generated 58% 70% 84% income through Netflix, it would be available in the U.S., Percentage of respondents Percentage of respondents Percentage of respondents Canada and the U.K. in the past. Now Netflix, and even who think there will be who think that major who think that the likely Amazon (Prime), have distribution in almost every country more U.S./China co- studios will experiment with price point at which a critical in the world. It is global and instantaneous via streaming.” productions to bypass the PVOD, but hold off releasing mass of viewers would This digital revolution may impact the different windows film quota system licensing premium blockbuster consume PVOD offerings for in the life cycle of motion pictures or television series and THE MOVIE content on PVOD feature films is less than $30 may require a response from studios, exhibitors and other BUSINESS BOOK stakeholders,” Haimoff added. Green Hasson Janks Partner Ilan Haimoff authored a chapter on studio accounting On the international front, Haimoff also notes that a title and movie and television participation that sells in China could generate significant revenues. audits for the fourth edition of The Movie “For example, Furious 7 made more than $390 million Business Book, a definitive sourcebook of box office in China alone, which was more than the that covers financing, revenue streams, revenue generated in the U.S. and Canada combined!” WHEN YOU CREATE CONTENT, marketing, globalization and other current topics. YOU HAD BETTER THINK ABOUT The overseas market goes beyond the movie theaters, as there is a real digital revolution that has occurred and is THE OVERSEAS MARKET. “I am honored to be asked to contribute my 49% still occurring. There is a growing customer base overseas experience and knowledge to this book that Percentage of whose buying power is increasing. Haimoff alerts content respondents who say is comprised of so many talented industry Ilan Haimoff creators to take this into account. “It matters,” Haimoff the most attractive M&A experts,” says Haimoff. Partner and Entertainment and Media Practice Leader, says. “When you create content, you had better think targets are those that own Green Hasson Janks an extensive library of film and television products 4 5 NETFLIX, AMAZON AND APPLE ARE REPLACING TRADITIONAL BUYERS OF CONTENT. TOP INDUSTRY TRENDS Producers are attracted to the buy-out model with new media buyers, where they are paid their production costs REPORTED BY OUR SUBJECT MATTER EXPERTS plus a premium, with no backend. While this model has no potential for an upside, it avoids the risk of losing money. This year’s subject NEW MEDIA matter experts EACH OF THE weighed in on the TRADITIONAL trends that will WINDOWS ARE affect the movie TELEVISION BEING DISRUPTED and television BY THE LIKES OF industry and profit THE NATURE OF NETFLIX. participations STAKEHOLDERS IS Is subscription- in coming days, EXPANDING. MORE QUALITY TELEVISION based video on months and years. More content CONTENT WILL BE CREATED. demand (SVOD) owners, financiers, With so many channels to the alternative to, Read on for more co-distributors choose from, audiences or replacement in-depth analyses and others are will gravitate toward higher of, pay television of these and other making profit quality content, regardless and/or home trends. participations of where it resides. video? Could more complex. SVOD become a single source of consumption for the so-called cord cutters? NETFLIX IS A NEW FORCE TO RECKON WITH. THERE IS A SHIFT The studios suddenly PREMIUM VOD (PVOD) IS STILL AN IMPORTANT TOPIC. FROM HOME VIDEO began to realize that In the very near future, we will likely see an TO SVOD. Netflix is a major increase in PVOD explorations by conventional The traditional home competitor, which distributors and premium distributors like Amazon. video business of industry leaders This new digital platform will allow for early DVDs and Blu-rays have intimated may viewing at home, and at price points of up to $50. LITIGATION is plummeting. have been a catalyst A major concern of exhibitors is that PVOD may TELEVISION Meanwhile, for Disney recently cannibalize theatrical distribution. PRODUCTION IS MORE revenues have announcing that it will IMPORTANT THAN EVER. dramatically be moving its content off From a participation increased for SVOD. of the Netflix platform audit perspective, more by 2019 and creating a and more Green Hasson competing streaming Janks clients are service instead. involved in television. MERGERS AND ACQUISITIONS The number of pay MAY ACCELERATE.. PROFIT PARTICIPANTS ARE TURNING cable channels has Verizon has indicated it has TO LITIGATION MORE OFTEN. expanded enormously, FINANCING an interest in acquiring a In the past, agencies with package and it appears the STUDIOS WILL CONTINUE TO studio or cable company. commissions would do participations reason for this trend UTILIZE OUTSIDE INVESTORS. International buyers, with audits but mostly resolve claims/ is that studios want to Sharing the risk and reward deep pockets, are also on the issues outside of litigation. However, take less risk on films, will be the primary motivation. lookout. There is even chatter this appears to be changing. which have higher risk about Netflix being acquired of success. by a major studio. All of these deals reflect the desire to vertically integrate, which is driving much of the M&A activity in Hollywood. 6 7 WHITEPAPER EXPERTS PRINCIPAL CHAPTER AUTHORS Green Hasson Janks is one of the premier profit participation audit firms in the world. Our professionals have extensive career experience with a ANITA WU wide range of global entertainment and Principal, Green Hasson Janks media companies, including every major Hollywood studio and many smaller studios and independent producers. Our dedicated team has extensive participation forensic experience, providing services related to more than 83 of the top 100 domestic grossing live action films of all time through 2014, as well as a long list of top-rated television series.
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